They built their business on cola bottles, sherbert lemons and penny sweets.

But now the family behind Britain's largest pick 'n' mix seller have made their fortune after being bought out for £50 million in their 50th year.

Hancocks Cash and Carry confirmed yesterday it and its parents company have been sold.

The business began life as a humble sweetshop and has grown to become the leading sweet wholesaler in the UK, with 18 depots across the country.

Britain's insatiable sweet tooth means despite the economic climate, the company recorded sales this year of over £100 million.

Sweet tooth: Sales of Hancocks pick 'n' mix were worth £100 million last year despite the economic climate. The company has now been sold for £50 million

Growth: Hancocks now has 18 large depots across the country from which they sell more than 5,000 different kind of sweetie

Anniversary: The £50 million company sprung from one sweet shop, pictured, opened by Ray and Liz Hancock in 1962

The company, which was set up in 1962 by Ray Hancock and his wife Liz, saw a 20% leap in profits after the demise of Woolworths in 2009, which had been the leading pick 'n' mix retailer on British high streets.

KERCHING: THE HISTORY OF HANCOCKS

Hancocks was founded in Loughborough 1962 by couple Ray and Liz Hancock

They began wholesaling to increase profits and quickly expanded

The pair opened depots and cash and carries as their supplier list grew

In 1986, the company was taken over by sons when Ray Hancock died

Business was boosted in 2009 when sweet rivals Woolworth's closed forcing customers to shop elsewhere - including major chains supplied by Hancocks

Yesterday, the Hancock family confirmed they sold up for £50 million

The disappearance of the chain meant customers flocked elsewhere, including many of the big chains Hancock supplies such as Tesco, Asda and Morrisons.

They also supply discount companies Costco and Makro, as well as newsagents, Poundland, 99p stores and Hamleys.

It now has Britain's biggest range of pick 'n' mix sweets, bagged confectionery and sweet jars.

Jonathan Buxton, a partner at
Cavendish Corporate Finance, which advised the Hancocks on the sale told
The Times: 'Following the demise of Woolworths, retailers and leisure
operators were quick to consolidate their positions in the resilient and
highly profitable pick 'n' mix category, and nearly all of them are
supplied by Hancocks.'

It sells more than 5,000 branded and own label confectionery and pick 'n' mix and retro sweets the big sellers.

Andrew Hancock and brother Adrian took over the business in 1986 when their father died.

Andrew Hancock said the deal with H2 Equity Partners (H2) will be 'great news for our customers, employees and suppliers.'

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He
said: 'From a sweet shop in Shepshed, our family has grown the business
to a group that serves many thousands of businesses with their
confectionery supplies.

'We hand the baton on with pride, knowing that Hancocks can only go from strength to strength.'

The company has also pledged to honour supplier arrangements.

Classic: Modern sweets such as Haribo, left, are popular but traditional
favourites such as jelly beans, right, remain the biggest
sellers

Sweet factory: The company sells more than 5,000 different type of sweet and chocolate

Simon Gilbert, of H2 Equity Partners,
said: 'We are delighted to have reached an agreement that allows us to
become the majority shareholder of Hancocks.

'The business has a strong management team in place and is a great platform to build from.

'We
shall use our significant experience in wholesaling businesses to
assist management in taking the company to the next level.'

Mark
Watson, who will remain as chief executive, said: 'I am delighted to be
leading such a strong company that has the prospect of becoming a much
bigger player within confectionery wholesaling. We have some exciting
plans and opportunities to take the business forward with H2 at the
helm.'

The deal is the culmination of 50 years of the family's hard work.

Mr and Mrs Hancock moved into wholesaling in 1962 from their shop in Shepshed near Loughborough
in 1962 when he realised it yielded a bigger profit.

They quickly expanded the business to include two depots within seven year.

The owners opened their second depot in
Sheffield in 1969, with new depots following in Stoke-on-Trent,
Manchester and Birmingham soon after and by 1986 it boasted seven cash
and carries.

The head office remains on Jubilee Drive in Loughborough - close to the original site.

SWEET TOOTH: THE RISE AND RISE OF CONFECTIONERY

Popular: A sweetshop in Paris in 1853. Confectionery became increasingly popular during the 18th and 19th centuries as the price of sugar dropped

Mass-market confectionery began in the 1800s when the price of sugar dropped allowing the middle and lower classes to buy bags of sweets such as aniseed balls.

During the century, traditional favourites such as butterscotch, Kendal mint cake, mint creams, sherbert and Turkish delight were born.

In 1865, Fisherman's Friend was developed as a cough syrup, then a chest rub and finally as a lozenge.

A year later Frank Woolworth, the founder of Woolworth's, pioneered the penny sweets.

The launch in 1886 was a sell out and competitors were forced to copy his prices or lose custom.

He drove suppliers down to such a
cheap price that he was able to sell sweets for 3 cents a quarter in his
American stores - that included chocolate candy, boiled sweets and toffees.

Over the next 33 years, the chain ordered 4,400,000 pounds of sweets from just one supplier.

The pick 'n' mix counter was not launched in British Woolworth stores until 1910 where the sweets were sold for just 2p per quarter of a pound.

By 1930 the chain had become the dominant sweet shop in Britain and Ireland.

In 2010, the chocolate confectionery market in the UK alone was worth £3.5 billion.